Better mortgage discounts in Shanghai
Print Edition
Most banks in Shanghai are still offering a 15 percent rate discount for first-home mortgages, while media reports said some banks in Beijing, Guangzhou and Shenzhen are taking a different approach.
The banks in Shanghai which are doing so include the big four — the Industrial and Commercial Bank of China, the Bank of China, the Agricultural Bank of China and China Construction Bank; smaller banks like China Merchant Bank, Everbright Bank and Shanghai Rural Commercial Bank; as well as overseas banks such as Standard Chartered Bank, Bank of East Asia, Hang Seng Bank, and United Overseas Bank.
UK-based Standard Chartered said its branches in Beijing and Guangzhou also offer rate discounts.
The branches of Everbright Bank in Shanghai may even provide a discount of up to 30 percent if the loan is considered big.
Lenders in Shanghai charge lending rates 10 percent above the benchmark for second-home buyers.
But media reports said that some lenders in Beijing, Guangzhou and Shenzhen price lending rates 20 percent higher for second-home buyers. Others have temporarily suspended the mortgage business or delayed loan approvals.
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